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I Bought a Franchise. Now What?

After thorough research, attending a Discovery Day, creating your business plan, and reviewing the Franchise Disclosure Document (FDD), you have been awarded your new franchise. Congratulations! Now what?

543,000 businesses startup each month in the United States and according to Entrepreneur Magazine, “Success rates for franchises are greater than 90%, making this the lowest failure rate of any type of business.” When the majority of small business best practices are in place and outlined, your only concern is proper implementation and execution. Here are a few steps that will make success yours.

Leverage the resources, technology, and franchisor’s business expertise to get answers to your questions. Knowledge is there for your taking; ask, ask, ask. Entrepreneurs seek franchises because of the incredible support, training and business guidance that is offered, packaged, and ready for you to tap into. These features and benefits are priceless.

Use your time wisely. The first 90 – 180 days are critical to get your systems in place and begin business development efforts. Be selective about your networking groups, use the press and media to your advantage, and GET THE WORD OUT about your new business. Follow the operations process that is provided. Once your systems are in place and operating properly, your doors are open for business. Your office, technology and staff are counting on you to create a path for you all to break even. This is when the fun really begins! Expenses are necessary and will help you grow and achieve the financial success you need, and want.

Laser focus is required at all times. Well organized franchisors will provide an Opening Checklist; follow it and stayed focused. Trust the system and follow the best practices that are in place – this will make the best use of your time and energy. Be efficient, be effective. Reinventing the wheel will only cost you time and money.

Be obsessed with your brand and business. When you want success as much as you want to breathe, you will be successful. Having an obsession boosts your business, drives your success, and increases self-esteem. When you are obsessed with your brand, others will follow.

You are a franchise owner! You are starting out ahead of the curve. Many business owners need to go-it-alone, but not you. Remember, leverage the knowledge that’s available to you, manage your time wisely, stay focused, and be obsessed with your success.